Pay As You Earn: Obama's Plan to Ease Student Loan Pain

of 77Photo

A No Brainer

In June, the Senate considered legislation proposed by Sen. Elizabeth Warren that would allow students to refinance their loans at today's lower interest rates. It would be paid for by mandating a minimum 30 percent tax rate for individuals who earn $1 million or more."It would be scandalous if we allowed those kinds of tax loopholes for the very, very fortunate to survive while students are having trouble just getting started in their lives," Obama said. "And I want Americans to pay attention to see where their lawmakers' priorities lie here. Lower tax bills for millionaires or lower student loan bills for the middle class. This should be a no-brainer."